Little Knowledge of Cryptocurrency Worries Lun

The Country’s Manager, Luno, Mr. Owenize Odia, said at a press conference in Lagos that cryptocurrency education would also benefit the market as it would ensure people approach it with a knowledge-driven mindset.

Odia, who explained that cryptocurrency market in Nigeria made headlines globally in 2017 when it twice emerged second as the country that searched for bitcoin the most on Google, added that regulation would also reinforce collaboration in the space, as banks would be free to partner exchanges and other stakeholders for growth of the market.

He added that equipping users with adequate knowledge about cryptocurrency would ensure they were protected and the issue of scam would be avoided.

He said, “This is what sets us apart as a virtual currency platform. Apart from providing our users with two-factor authentication which ensures they are protected, we also take out time to educate them about how to avoid scams. As a leading global exchange with presence in over 40 countries, we want users to embrace a knowledge-driven approach to cryptocurrency services in Nigeria.

“The Central Bank of Nigeria said it was presently studying the market to enable it to come up with a regulatory framework that would protect every player. The cryptocurrency market in Nigeria made headlines globally in 2017 when it twice emerged second as the country that searched for bitcoin the most on Google, and peer-to-peer transactions in digital currency globally. Since then, a lot of investments and investors have come into the market leading to intensified scrutiny of the space by financial regulators.

“We welcome regulation of the cryptocurrency space in Nigeria. It is good for the entire market around the world, as it will build trust in both buyers and investors. We know it would eventually come; hence, we self-regulate in order to protect our customers. We recently reached a milestone of two million customers globally and we have our work cut out for it. We have planned some robust programmes targeted at users in Nigeria particularly. There are four different levels of verifications Luno has put in place to protect its varied income-level customers. We will be announcing these programmes soon.”